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Debe I am blonde as well but for me I ONLY present one offer at a time to the bank as it is my understanding that any offers that come in after the first one are back up offers. I get calls all the time from Realtors that try to explain to me the short sale addendum and I am wrong not to submitt all offers. So far all of my sellers have been supportive of my advise in this area and we sign the back up addendum with any second offers. I have enjoyed having back up offers as they are great to have when a buyer walks. I just had that happen today. The closing was to be this coming Tuesday and the buyer got turned down by the bank. I am going to present the backup beginning of the week. yahoooo
Karen, the easiest way to fix this is to cross out line 5 one the short sale addendum and have the buyer and seller agree that the seller can only submit one offer for short sale approval. Remember the contract is between the buyer and the seller. It is my belief that, even with our short sale addendum, you could only legally submit mulitple offers IF and only IF the seller did not sign any of them because at this point you don't have a ratified contract. If the seller agrees and signs the offer, then you have a meeting of the minds and a ratified contract and the seller can NOT accept another offer unless it is a backup offer. Just my 2 cents worth!
Glad you finally joined our site Karen Karen Key Smith said:Debe I am blonde as well but for me I ONLY present one offer at a time to the bank as it is my understanding that any offers that come in after the first one are back up offers. I get calls all the time from Realtors that try to explain to me the short sale addendum and I am wrong not to submitt all offers. So far all of my sellers have been supportive of my advise in this area and we sign the back up addendum with any second offers. I have enjoyed having back up offers as they are great to have when a buyer walks. I just had that happen today. The closing was to be this coming Tuesday and the buyer got turned down by the bank. I am going to present the backup beginning of the week. yahoooo
I can not believe any one would consider submitting more than one offer!
Hi Debe,
Oh my Goodness! Realtors who do not know how to do short sales should refer them to those that do.
Your not a dumb blonde! We are so lucky in our area, since our MLS enforces Short Sale Compliance guidelines that state,once offers are received and ratified as primary ( or backups)the status must change to Under Contract . This keeps a Realtor from being able to use a distressed homeowers house as bait for filling up their pipeline of prospective buyers and helps keep other Buyers and Realtors from waisting alot of time on a home that already has offers.
I with Jeff, just send the guy the link to this site! Maybe he'll learn something. :-)
Good Luck with that one Debe..
I can not believe any one would consider submitting more than one offer!
Karen - Any diplomatic way to let an agent know that he's doing this wrong? His property has been on the market two years so, I would think that he would GET that he's doing this wrong. He swears he's got it under control. I think my buyers are whistling in the wind if you ask me!! LOL
Jeff Payne said:Karen, the easiest way to fix this is to cross out line 5 one the short sale addendum and have the buyer and seller agree that the seller can only submit one offer for short sale approval. Remember the contract is between the buyer and the seller. It is my belief that, even with our short sale addendum, you could only legally submit mulitple offers IF and only IF the seller did not sign any of them because at this point you don't have a ratified contract. If the seller agrees and signs the offer, then you have a meeting of the minds and a ratified contract and the seller can NOT accept another offer unless it is a backup offer. Just my 2 cents worth!
Glad you finally joined our site Karen Karen Key Smith said:Debe I am blonde as well but for me I ONLY present one offer at a time to the bank as it is my understanding that any offers that come in after the first one are back up offers. I get calls all the time from Realtors that try to explain to me the short sale addendum and I am wrong not to submitt all offers. So far all of my sellers have been supportive of my advise in this area and we sign the back up addendum with any second offers. I have enjoyed having back up offers as they are great to have when a buyer walks. I just had that happen today. The closing was to be this coming Tuesday and the buyer got turned down by the bank. I am going to present the backup beginning of the week. yahoooo
Debe,
I am a little slow on my response but this is how I reply to Realtors that tell me they are taking multiple offers. I tell them that it is my understanding based on our MLS guidelines and rules etc that there can only be one offer and all the rest back ups. If they tell me what the banks do I tell him that the bank is not bound my the same Realtor ethics as I am bound by. I guess it is like anything else in life. we can only be responsible for doing the right thing and if others do not want to do that.. there is little that we can do.
It is great that we have this forum of really bright Realtors to help us navigate these murky short sale waters. I am learning something every day.
Keep on keeping on... I had 3 short sales fall out this week so I am going to pick myself up by the boot straps and climb back on and find me some buyers.
blessings
karen
Debe Maxwell said:Karen - Any diplomatic way to let an agent know that he's doing this wrong? His property has been on the market two years so, I would think that he would GET that he's doing this wrong. He swears he's got it under control. I think my buyers are whistling in the wind if you ask me!! LOL
Jeff Payne said:Karen, the easiest way to fix this is to cross out line 5 one the short sale addendum and have the buyer and seller agree that the seller can only submit one offer for short sale approval. Remember the contract is between the buyer and the seller. It is my belief that, even with our short sale addendum, you could only legally submit mulitple offers IF and only IF the seller did not sign any of them because at this point you don't have a ratified contract. If the seller agrees and signs the offer, then you have a meeting of the minds and a ratified contract and the seller can NOT accept another offer unless it is a backup offer. Just my 2 cents worth!
Glad you finally joined our site Karen Karen Key Smith said:Debe I am blonde as well but for me I ONLY present one offer at a time to the bank as it is my understanding that any offers that come in after the first one are back up offers. I get calls all the time from Realtors that try to explain to me the short sale addendum and I am wrong not to submitt all offers. So far all of my sellers have been supportive of my advise in this area and we sign the back up addendum with any second offers. I have enjoyed having back up offers as they are great to have when a buyer walks. I just had that happen today. The closing was to be this coming Tuesday and the buyer got turned down by the bank. I am going to present the backup beginning of the week. yahoooo
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